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Determinants of Dividend Policy: A Case of Serbia’s Banking Sector

Author

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  • Jovković Biljana

    (University of Kragujevac, Faculty of Economics, Republic ofSerbia)

  • Vasić Aleksandra S.

    (University of Kragujevac, Faculty of Economics, Republic ofSerbia)

  • Bogićević Jasmina

    (University of Kragujevac, Faculty of Economics, Republic ofSerbia)

Abstract

Dividend policy is one of the most controversial areas of corporate finance. The paper presents the results of the research in the banking sector of the Republic of Serbia. The specific characteristics of the financial sector make the research on dividend policy determinants additionally complex. This study aims to determine the factors of dividend policy in the Serbian banking sector in the period 2009–2018. The model of random effects was chosen to test the relationship between dividend determinants and dividend payout. Empirical results show that previous years’ dividends have a significant positive effect on dividend policy. Individual investors can benefit from the research to a great extent, as well as bank managers, when creating dividend policies that would contribute to maximising profit and satisfying the needs of employees and shareholders in the long run.

Suggested Citation

  • Jovković Biljana & Vasić Aleksandra S. & Bogićević Jasmina, 2021. "Determinants of Dividend Policy: A Case of Serbia’s Banking Sector," Naše gospodarstvo/Our economy, Sciendo, vol. 67(1), pages 13-22, March.
    • Handle: RePEc:vrs:ngooec:v:67:y:2021:i:1:p:13-22:n:1
    DOI: 10.2478/ngoe-2021-0002
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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